Tanker owner and operator B+H Ocean Carriers Ltd. filed for chapter 11 protection on Wednesday to restructure its balance sheet as it tries to weather the challenges facing the global shipping industry, Dow Jones DBR Small Cap reported today. The Bermuda-based company, weighed down by $46.1 million in debt and only $4.5 million in assets, said that weak lending in the global shipping market combined with high freight rates and vessel values made a restructuring in chapter 11 its best option.
